Question : By selling an article for INR 600, a person made a profit of 50%. What was the cost price of this article?
Option 1: INR 300
Option 2: INR 450
Option 3: INR 400
Option 4: INR 350
Correct Answer: INR 400
Solution :
Given: By selling an article for INR 600, a person made a profit of 50%.
We know,
Profit percentage = $\frac{\text{Selling Price - Cost Price}}{\text{Cost Price}}\times 100$
Let the cost price of the article be $x$.
⇒ $\frac{600−x}{x}×100=50$
⇒ $60000−100x=50x$
⇒ $x=\frac{60000}{150}$
⇒ $x=400$
Hence, the correct answer is INR 400.
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